12 July 2012 – Umeme, which is owned by emerging markets private equity group, Actis, says that it plans to list later this year on the Uganda and Nairobi stock exchanges. It will seek funding through an initial public offering (IPO) to invest in Uganda’s electricity distribution sector. Umeme has a 20 year electricity distribution concession in Uganda.
The distribution company says that its move is motivated by the impact of the power being supplied by the 250 MW Bujagali hydroelectric scheme, which for now has eliminated load shedding in Uganda. Umeme managing director Charles Chapman says the company increased its number of customers from 354,839 in 2009 to about 460,000 in 2011.
The US$860 million Bujagali hydropower project having made available its 250 MW contracted capacity to the grid means the country is able to meets its electricity needs for the next couple of years. This was after the commissioning of the fifth and final 50 MW unit at Bujagali ahead of its projected 31st of July date.